Big Data Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Big Data Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Big Data Healthcare Market is poised to grow at a CAGR of 16.24% during the forecast period (2022-2027).

The COVID-19 pandemic is driving the critical need for cutting-edge technological tools and innovation in the areas of public health, medicine, and wellness, which is likely to drive the big data healthcare market over the pandemic phase. Several companies are engaged in utilizing big data for analyzing patient data and outcomes in order to better understand the diagnosis and treatment prospects. For instance, in June 2020, the United Kingdom government collaborated with Palantir, a United States-based big data firm, to investigate patient data to further respond to the COVID-19 pandemic. Hence, such initiatives would increase market growth in the coming years.

Big data analytics in healthcare is the complex process of examining big data to discover information, including hidden patterns, market trends, unknown correlations, and customer preferences, which helps organizations make informed clinical and business decisions. The increase in demand for big data solutions for population health management and the rise in the need for business intelligence to optimize health administration and strategy are expected to drive market growth.

To cope with the management of such huge data sets, continuous technological innovations in big analytics tools are very important, thus creating enormous opportunities for the key players in the market to develop and launch new data analytics software and systems. For instance, in December 2020, MedArrive launched a new care management platform that enables healthcare providers and payors to extend services into the home, scaling access to high-quality healthcare and meaningfully reducing costs for providers and their patients. Similarly, in November 2020, Change Healthcare launched an innovative national data resource solution called Social Determinants of Health (SDoH) Analytics, a resource to help health systems, insurers, and life sciences organizations explore how geodemographic factors affect patient outcomes.

Such factors are altogether anticipated to drive the market’s growth over the forecast period. However, high incidences of security breaches, coupled with a lack of skilled labor, are the major factors restraining the growth of the big data healthcare market.

Key Market TrendsThe Clinical Data Analytics Segment is Expected to Register a High Growth Rate Over the Forecast Period

Clinical data analytics in the healthcare sector plays a vital role in preventing, treating, and predicting diseases, thereby increasing the quality of care. Several healthcare institutes and enterprises are inclined towards the adoption of clinical analytics as a part of their operations to offer preventive care by efficiently monitoring patient data and offering distinct attention to increase the effectiveness of their services.

Big Data healthcare also offers better insights to patients who are at high risk of illness, and thus, healthcare providers prescribe treatments and make clinical decisions with greater accuracy. Various organizations are increasingly investing in clinical data analytics for analyzing patient data to improve patient care. For instance, in January 2020, Health Data Research United Kingdom (HDR UK) raised GBP 1 million in funding to improve patient care through analyzing large-scale data as part of the Better Care Partnership across the United Kingdom.

Moreover, clinical data analytics is playing a vital role in the response to COVID-19 as healthcare organizations and governments are using patients' data to tackle and enable themselves to better handle the crisis. For instance, in June 2020, the National Institutes of Health launched a centralized national data analytics platform to gather COVID-19 patient data to accelerate treatments across the United States.

Hence, due to the above-mentioned factors, the segment will grow in the near future.

North America Holds a Large Share of the Big Data Healthcare Market

North America dominated the overall big data healthcare market due to the rise in advancements in IoT and the increase in demand for analytical models on patient information for better service delivery and government policies. The region has a vast array of patient information owing to its well-established healthcare infrastructure. To easily analyze this data, pharmaceutical companies have been aggregating years of research and development data into medical databases, while payers and providers have digitized their patient records over the last decade.

Moreover, several companies are collaborating to support big data and improve healthcare. For instance, in May 2020, Blue Health Intelligence (BHI) and Datavant partnered to enable big data and analytics, which will improve the healthcare sector. Similarly, in February 2020, Ottawa Hospital in Canada partnered with an Israeli data analytics provider (MDClone), which will democratize the data across the organization and will provide greater visibility.

Furthermore, the rising cases of COVID-19 in North American are creating a demand for big data analytics to analyze and understand how the ongoing pandemic is augmenting the adoption of data analytics solutions in the region's healthcare systems. For instance, in December 2020, the United States Department of Health and Human Services (HHS) initiated a special platform for the COVID-19 data and started publishing the health details, admissions, deaths, and new case details of the patients affected by COVID-19 in the country.

Product launches are another key factor responsible for the growth of the market. For instance, in October 2020, GE Healthcare launched Edison HealthLink, a new computing technology that provides a set of healthcare-specific services, including HIPAA-compliant data aggregation, connectivity, advanced visualization, AI, and non-AI algorithm orchestration that developers can leverage to build and deploy clinical applications and workflows. Such factors are likely to increase the growth of the market in the future.

Thus, owing to the abovementioned factors, the studied market in the North American region is expected to grow over the forecast period.

Competitive Landscape

The Big Data Healthcare market is highly competitive, and some of the key players in the market studied include Allscripts, GE Healthcare, Oracle Corporation, IBM, Epic Systems, and Optum Inc. The majority of the key players involved in the research of Big Data healthcare are established in developed countries.

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